Policy

It’s time for a debate on how we make financial advice affordable and accessibleThe FSC is leading the debate on making financial advice affordable and accessible to more Australians. Our Green Paper on financial advice – available here – outlines solutions to reduce the cost of advice and unnecessary regulation and duplication.It outlines, for public discussion, bold proposals for reducing the cost and complexity of financial advice which include: Simplifying the definitions of advice into categories of personal advice and general information and separating product from advice; Evolution of the consumer protection framework by removing the safe harbour steps so that the Code of Ethics is the single tool to meet the Best Interests Duty;Abolition of the Statement of Advice and in its place enable a scaleable Letter of Advice that empowers consumers and is responsive to their needs.The Green Paper also includes proposals for harnessing data and technology to drive a more efficient advice process for consumers, incentivise uptake of financial advice and more effective regulatory support to build certainty and confidence. The FSC is seeking submissions from the public until 1 July 2021 and these should be emailed to This email address is being protected from spambots. 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LIFE INSURANCE 101CODE OF PRACTICEINSURANCE IN SUPER WORKING GROUPLIFE INSURANCE: COMMITMENTS FINDING LOST LIFE POLICIESLIFE INSURANCE CONFERENCELIFE INSURANCE POLICY OVERVIEWThe FSC supports policy setting principles that: • Increase consumer trust and confidence in the life insurance industry • Ensure life and risk insurance is accessible and affordable • Promote the benefits to consumers of providing group insurance superannuation • Enable greater product innovation to occur • Support positive mental healthLIFE INSURANCE CODE OF PRACTICE • Code of Practice  • Life Insurance 101STANDARD NO. 11: MORATORIUM ON GENETIC TESTS IN LIFE INSURANCE • Standard  • Key FactsFSC CONTACTSNick KirwanSenior Policy Manager, Life Insurance02 9299 3022This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakbec61f31e4a7e08dc966c5e43af6ae03').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addybec61f31e4a7e08dc966c5e43af6ae03 = 'nkirwan' + '@'; addybec61f31e4a7e08dc966c5e43af6ae03 = addybec61f31e4a7e08dc966c5e43af6ae03 + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_textbec61f31e4a7e08dc966c5e43af6ae03 = 'nkirwan' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloakbec61f31e4a7e08dc966c5e43af6ae03').innerHTML += ''+addy_textbec61f31e4a7e08dc966c5e43af6ae03+''; Aidan NguyenPolicy Manager, Life Insurance02 9299 3022This email address is being protected from spambots. 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. On 11 March 2020, the World Health Organisation (WHO) declared the coronavirus outbreak to be a global pandemic. Accordingly, the FSC has issued the following statement on behalf of all FSC Life Insurance Code of Practice (the Code) subscribers for death claims relating to coronavirus in Australia made under life insurance policies. All life insurance companies issuing policies in Australia subscribe to the Code. A list of Code subscribers can be found here. . Click below to view more details . COVID Total and Permanent Disability Claims Initiative (Now extended to 1 January 2021 for claims lodged by 31 March 2021) COVID-19 Life Insurers Customer Support COVID-19 Commitment to Frontline Healthcare Workers (Now extended to 1 January 2021) Consumer Credit Insurance . COVID Total and Permanent Disability Claims Initiative . Life insurance companies participating in this initiative agree to ensure that if people lose their job, are stood down or have reduced working hours due to COVID-19, now extended to 1 January 2021 for claims lodged by 31 March 2021, this will not affect their total and permanent disability (TPD) cover if they make a claim. Life insurance companies will confirm their participation by making a public statement and announcement on their website, including details of how they will apply the initiative. . To download the statement, click here. To download the infographic, click here. To download the media release, click here. . COVID-19 Life Insurers Customer Support . The life insurance industry plays a crucial role in times of crisis by supporting Australians in the event of death, illness and disability. In 2019 we, the life insurance industry, paid out more than $12 billion to around 100,000 Australians and their families. We are also a major employer, supporting thousands of families to maintain their incomes in these challenging times. The industry has committed to six core guiding principles. . To download the industry statement, click here. .  COVID-19 Commitment to Frontline Healthcare Workers .  This commitment on behalf of participating FSC life insurance member companies is to ensure that frontline healthcare workers are not prevented from obtaining life insurance cover purely through exposure, or potential exposure, to coronavirus. The initiative has approval by the ACCC. Life insurance companies will confirm their participation by making a public statement and announcement on their website.  Now extended to 1 January 2021. . To download the commitment statement, click here. To download the commitment infographic, click here. To download the commitment media release, click here. To download the ACCC approved commitment media release, click here.  . . Consumer Credit Insurance . If you can’t work because of sickness, injury, disease, employment termination, or death, Consumer Credit Insurance (CCI) can help cover credit card, personal, motor vehicle or home loan repayments depending on the level of cover purchased. To find out more, visit the Insurance Council of Australia. . If you require further information, please contact the FSC via This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak681249423ce9927d38a9c295a961f5e6').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy681249423ce9927d38a9c295a961f5e6 = 'info' + '@'; addy681249423ce9927d38a9c295a961f5e6 = addy681249423ce9927d38a9c295a961f5e6 + 'fsc' + '.' + 'org' + '.' + 'au'; var addy_text681249423ce9927d38a9c295a961f5e6 = 'info' + '@' + 'fsc' + '.' + 'org' + '.' + 'au';document.getElementById('cloak681249423ce9927d38a9c295a961f5e6').innerHTML += ''+addy_text681249423ce9927d38a9c295a961f5e6+''; . .  

Welcome to the homepage of the FSC's Future of Advice project. Our economy, our country, is in uncharted waters. Making the right decisions will see us through. Financial advice, like going to the doctor, or talking to a personal trainer, will help you make decisions that will impact not just your finances and long-term future but your health and wellbeing. The FSC seeks a financial advice system that is accessible and affordable for Australian consumers. Our Future of Advice project aims to start a conversation on how we best achieve that. MORE DETAILS TO COME! Join the conversation - follow us on Facebook for news and updates.LEARN MORE ABOUT THE FSC FUTURE OF ADVICE SUMMIT 2020 future of advice STORIES TOP STORIES16 JULY 2020 | NERIDA COLE : FSC FUTURE OF ADVICE: NERIDA COLE05 JUNE 2020 | ZACH CASTLES : HOW THE FRONTLINE OF FINANCIAL ADVICE IS CHANGING03 JUNE 2020 | ALLISON DUMMETT : FSC FUTURE OF ADVICE: ALLISON DUMMETT, MATRIX PLANNING - PART 231 MAY 2020 | KATHY VINCENT : FSC FUTURE OF ADVICE: KATHY VINCENT, BT27 MAY 2020 | ALLISON DUMMETT : FSC FUTURE OF ADVICE: ALLISON DUMMETT, MATRIX PLANNING - PART 105 MAY 2020 | ZACH CASTLES : FINANCIAL ADVICE IS HERE TO STAY SO LET’S SHAPE ITMEDIA RELEASES17 June 2020: FSC WELCOMES NEW PROFESSIONAL AND EDUCATION REQUIREMENTS FOR FINANCIAL ADVISERS   ._ERbj1g7D { position: relative; } ._VWvqNvR9 { vertical-align: middle; } ._7XqAY8_A > span:last-child { line-height: inherit; } ._7XqAY8_A[class*="dropcap--"] > span:first-child { display: block; margin-right: 10px; float: left; font-size: 2em; background: #919da9; 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Performance Analytics Group The Performance Analytics Group (“P Group”) is a forum for performance analytics professionals to discuss and develop ideas, concepts and theories relating to performance measurement and analysis, and contribute to working papers for submission to industry associations and regulators. The charter of the P Group is: "a forum for investment professionals to discuss and develop ideas, concepts and theories relating to performance measurement and analysis, and produce working papers for submission to industry associations and regulators" The Performance Analytics Expert Group comprises a FSC Policy Manager, the Chair of the P Group, Deputy Chair of the P Group and representatives from the P Group.  The current Chair of the P Group is Stuart Hoy from J.P. Morgan Chase and the Deputy Chair is Stephen Campbell from KPMG.  The purpose of the Expert Group is to: promote industry standards within the Australian market, specifically FSC Standard 6, FSC Standard 10 and the Global Investment Performance Standards (GIPS) (together known as ‘the Standards’), assess FSC member requests for exemption from FSC Standards 6 and 10, produce working papers for submission to industry associations and regulators, and set the agenda for P Group meetings. Performance analysts and those involved with the above industry standards are encouraged to join the P Group as a forum to keep informed on performance issues and changes to the Standards. . Relevant FSC Standards and Guidance Notes (links) Standard 6 Product Performance: Calculation of Returns The main features of this Standard are to specify the principles adopted when calculating Total, Growth and Distribution Returns; enable proper assessment of Product returns when comparing Month-End returns, after fees and tax paid by the Product, with market indices and other Products (ie peer comparisons), ensure there is as much consistency as possible with the Australian Investment Performance Measurement and Presentation Standards and Global Investment Performance Standards. Standard 10 Presentation of Past Performance Information and Visual Promotions The main features of this Standard are: To specify standards to be adopted by a Financial Services Council member in the promotion of its Financial Products and Services; as well as provide guidance in the interpretation and application of those standards. Guidance Note 1 Global Investment Performance Standards The purpose of this Guidance Note is to assist Financial Services Council members in following the global standard for the presentation of historical investment manager performance through adoption of the Global Investment Performance Standards (GIPS). . Global Investment Performance Standards (GIPS) and GIPS 2020 The CFA Institute GIPS are recognised as global best practice for investment performance reporting and presentation, providing for consistent and transparent reporting framework. The GIPS Standards were updated in 2019, with an effective date of 1 January 2020, with three new GIPS Standards released as follows: 2020 GIPS Standards for Asset Owners 2020 GIPS Standards for Firms 2020 GIPS Standards for Verifiers . GIPS 2020 Policy Briefing: Presentation October 2019, by Kate Misic, Head of Alternative Investments, Telstra Super For the first time in nearly a decade, the CFA Institute updated the investment performance reporting standard used by over 1,700 asset managers and asset owners worldwide. On June 30, 2019, CFA Institute unveiled the 2020 edition of the CFA Institute Global Investment Performance Standards (GIPS®), which are evolving to ensure their practicality and relevance to the investment management industry. The update reinforces the core purpose of the GIPS Standards: Delivering performance transparency and comparability for the benefit of investors globally and for the ultimate benefit of beneficiaries. In October 2019 Kate Misic, GIPS Standards veteran expert provided an update highlighting some of these technical changes in the 2020 GIPS Standards, with the slides available for download  pdf here . . Explanation of the Provisions The CFA Institute has also developed a number of explanations to the provisions within the GIPS Standard, with explanations for Provisions in Section 1, 2 and 3 now available on the CFA Institute website. As further explanations are completed they will be available on the relevant website. Asset Owners – until the guidance for Asset Owners is completed, the CFA Institute has suggested that asset owners may find it helpful to consider the guidance for firms, with many of the concepts being very similar. Explanation of the Provisions in Section 1 - Fundamentals of Compliance Explanation of the Provisions in Section 2 - Input Data and Calculation Methodology Explanations of the Provisions in Section 3 - Composite and Pooled Fund Maintenance To find out more about the GIPS Standards and Explanations follow the links above.

FPA/AFA Financial Planning Pro-Bono program Financial planners across the country have come together to offer the Financial Planning Bushfire Pro Bono program to help those impacted by the bushfires to rebuild financially. The program is a joint initiative from the Financial Planning Association (FPA) and the Association Financial Advisers (AFA). People who have been directly affected by the 2019-20 bushfires can apply for assistance and will be matched with a financial planner who can support them to consider their financial options and rebuild financially from these traumatic events. For full details including application information, contact 1800 560 685 or visit the website. . SuperFriend resource kit SuperFriend has issued a Resource Support Kit to help industry partners navigate the bushfire crisis. The kit was developed with the sector firmly in mind, and has been tested by hands-on users throughout its development.